History of financial aid - Revision history

Admin at 02:20, 2 December 2013

2013-12-02T02:20:03Z

Admin: moved Financial aid reform to History of financial aid

2013-12-02T02:19:02Z

moved Financial aid reform to History of financial aid

Absentminded: /* Financial Aid Crisis of 1991-1992 */

2013-05-31T22:28:48Z

‎Financial Aid Crisis of 1991-1992

Absentminded: /* Establishment and Struggle to Maintain Need-blind Admissions */

2013-05-31T18:53:33Z

‎Establishment and Struggle to Maintain Need-blind Admissions

Absentminded at 01:39, 30 May 2013

2013-05-30T01:39:19Z

Absentminded: /* Consequences */

2013-05-30T01:39:05Z

‎Consequences

Absentminded: /* Financial Aid Crisis of 1991-1992 */

2013-05-14T18:33:30Z

‎Financial Aid Crisis of 1991-1992

Absentminded: /* Financial Aid Arms Race of 2005-2008 */

2013-05-13T17:55:43Z

‎Financial Aid Arms Race of 2005-2008

Admin: moved Financial Aid Reform to Financial aid reform

2013-05-04T09:28:46Z

moved Financial Aid Reform to Financial aid reform

Absentminded at 04:36, 1 May 2013

2013-05-01T04:36:24Z

← Older revision		Revision as of 02:20, 2 December 2013
Line 1:		Line 1:
−	'''~~Financial Aid Reform~~''' ~~is a recurring feature of life~~ at Columbia~~. This article attempts to chronicle the evolution of Columbia's undergraduate financial aid policies~~.	+	This article documents the '''history of financial aid''' at Columbia, particularly for undergraduates.

	== Establishment and Struggle to Maintain Need-blind Admissions ==		== Establishment and Struggle to Maintain Need-blind Admissions ==

@@ Line 7: / Line 7: @@
 In the fall of 1991, the administration undertook a review of anticipated budget shortfalls across the University.<ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19911106-01.2.6]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19911106-01.2.17]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19911125-01.2.4]</ref> Undergraduate financial aid faced a particularly acute shortfall due to continuing cuts in government support.<ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19910205-01.2.2]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19910201-01.2.9]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19910131-01.2.5]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920117-01.2.10]</ref> In January 1992, a University committee recommended ending need-blind admission as the solution to the budget gap.<ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920127-01.2.2]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920128-01.2.6]</ref>The ensuing crisis led to an unprecedented level of student-faculty engagement<ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920129-01.2.5]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920130-01.2.2]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920131-01.2.6]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920203-01.2.11]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920204-01.2.2]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920205-01.2.3]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920205-01.2.17]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920206-01.2.2]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920206-01.2.11]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920218-01.2.3]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920213-01.2.6];[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920214-01.2.12]</ref>, and, as is par for the course at Columbia, a controversial blockade of Low Library that included the occupation of an office.<ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920212-01.1.1]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920213-01.2.5]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920213-01.2.3]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920214-01.2.10]</ref> Ultimately the administration was able to save the financial aid program by undertaking a number of steps, including expanding the class size of the school, increasing the expected work-study contribution from students, soliciting faculty contributions, and tapping up alumni for additional donations.<ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920220-01.2.2]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920221-01.2.4]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920224-01.2.11]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920225-01.2.3]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920226-01.1.1]</ref><ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19920227-01.2.3]</ref>
-Incidentally one of the key players in the handling and resolution of the crisis, the Columbia College Faculty, no longer exists, having been subsumed into the larger, and necessarily less undergraduate-focused, [[Faculty of Arts and Sciences]].
+Incidentally, of the key players in the handling and resolution of the crisis, one (the [[Faculty of Arts and Sciences|Columbia College Faculty]]) no longer really exists, and the other (the [[Committee on Admissions and Financial Aid]] (CAFA)) no longer has student representatives.
 == Financial Aid Arms Race of 2005-2008 ==

@@ Line 2: / Line 2: @@
 == Establishment and Struggle to Maintain Need-blind Admissions ==
-Columbia established a "need-blind" admissions policy guaranteeing to meet the full demonstrated financial need of all admitted students in 1974. The costs of the program proved to be a heavy burden, thanks in part to decreases in state and federal aid throughout the 1980s, and the recessions of the [[w:Early 1980s recession|early 1980s]] and [[w:Early 1990s recession|early 1990s]], resulting in repeated threats to the program, culminating in the financial aid crisis of 1992. In fact, many of Columbia's peers were forced to retrench their aid programs and abandon need-blind during the 1980s.<ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19840222-01.2.2]</ref> At Columbia, the University ceased to guarantee funding to the College and SEAS for need-blind and left it to them to raise the needed money to support the program, leaving the status of the program year-to-year.<ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19820624-01.2.3]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19820923-01.2.4]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19830125-01.2.6]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19830211-01.2.3]</ref><ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19840305-01.2.2]</ref> As a result, the College undertook a number of phonathons to drum up financial support for the policy during the 1980s.<ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19850411-01.2.16]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19861201-01.2.7]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19890420-01.2.4]</ref>
+Columbia established a "need-blind" admissions policy guaranteeing to meet the full demonstrated financial need of all admitted students in 1974.<ref>http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19751121-01.2.2 Spec article comparing Columbia aid to peers in 1975</ref> The costs of the program proved to be a heavy burden, thanks in part to decreases in state and federal aid throughout the 1980s, and the recessions of the [[w:Early 1980s recession|early 1980s]] and [[w:Early 1990s recession|early 1990s]], resulting in repeated threats to the program, culminating in the financial aid crisis of 1992. In fact, many of Columbia's peers were forced to retrench their aid programs and abandon need-blind during the 1980s.<ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19840222-01.2.2]</ref> At Columbia, the University ceased to guarantee funding to the College and SEAS for need-blind and left it to them to raise the needed money to support the program, leaving the status of the program year-to-year.<ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19820624-01.2.3]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19820923-01.2.4]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19830125-01.2.6]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19830211-01.2.3]</ref><ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19840305-01.2.2]</ref> As a result, the College undertook a number of phonathons to drum up financial support for the policy during the 1980s.<ref>[http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19850411-01.2.16]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19861201-01.2.7]; [http://spectatorarchive.library.columbia.edu/cgi-bin/columbia?a=d&d=cs19890420-01.2.4]</ref>
 ==Financial Aid Crisis of 1991-1992==

@@ Line 39: / Line 39: @@
 === Consequences ===
-Not everyone thought the Harvard and Yale plans were a good idea. Professor [[Andrew Delbanco]] and former Dean of Students [[Roger Lehecka]] wrote an op-ed in the New York Times in January of 2008 criticizing the Harvard and Yale reforms as hand-outs to the already-wealthy.<ref>http://www.nytimes.com/2008/01/22/opinion/22lehecka.html<ref>
+Not everyone thought the Harvard and Yale plans were a good idea. Professor [[Andrew Delbanco]] and former Dean of Students [[Roger Lehecka]] wrote an op-ed in the New York Times in January of 2008 criticizing the Harvard and Yale reforms as hand-outs to the already-wealthy.<ref>http://www.nytimes.com/2008/01/22/opinion/22lehecka.html</ref>
 The timing of Columbia's significant commitment to financial aid expansion, followed by the onset of the Great Recession, led to immense pressure on the budgets of the College and the [[Faculty of Arts and Sciences]]. That led to the commissioning of the [[McKinsey Arts and Sciences Report]], which, among other things, recommended rolling back the 2006 and 2008 financial aid expansions at Columbia. The reports recommendations also instigated [[Moodygate|the sudden resignation of Michelle Moody-Adams]], then-Dean of Columbia College.

← Older revision		Revision as of 01:39, 30 May 2013
Line 39:		Line 39:

	=== Consequences ===		=== Consequences ===
		+	Not everyone thought the Harvard and Yale plans were a good idea. Professor [[Andrew Delbanco]] and former Dean of Students [[Roger Lehecka]] wrote an op-ed in the New York Times in January of 2008 criticizing the Harvard and Yale reforms as hand-outs to the already-wealthy.<ref>http://www.nytimes.com/2008/01/22/opinion/22lehecka.html<ref>
		+
	The timing of Columbia's significant commitment to financial aid expansion, followed by the onset of the Great Recession, led to immense pressure on the budgets of the College and the [[Faculty of Arts and Sciences]]. That led to the commissioning of the [[McKinsey Arts and Sciences Report]], which, among other things, recommended rolling back the 2006 and 2008 financial aid expansions at Columbia. The reports recommendations also instigated [[Moodygate\|the sudden resignation of Michelle Moody-Adams]], then-Dean of Columbia College.		The timing of Columbia's significant commitment to financial aid expansion, followed by the onset of the Great Recession, led to immense pressure on the budgets of the College and the [[Faculty of Arts and Sciences]]. That led to the commissioning of the [[McKinsey Arts and Sciences Report]], which, among other things, recommended rolling back the 2006 and 2008 financial aid expansions at Columbia. The reports recommendations also instigated [[Moodygate\|the sudden resignation of Michelle Moody-Adams]], then-Dean of Columbia College.

← Older revision	Revision as of 02:19, 2 December 2013
(No difference)

@@ Line 10: / Line 10: @@
 == Financial Aid Arms Race of 2005-2008 ==
-Between the [[w:Dot-com bust|Dot-com bust]] and the [[w:Great Recession|Great Recession]], the largest and wealthiest universities experienced eye-wateringly rapid endowment growth. The return on endowment investments became so conspicuous as to result in calls from Congress to universities to start spending the money or face a tax. In response, between 2005 and 2008, universities took turns one-upping each other in an arms race of financial aid reforms targeted at alleviating the financial burden of attendance on low-to-middle income families. These reforms typically came in three forms, first, replacing student loans with grant money in financial aid awards, and second, eliminating the expected family contribution for households with incomes below a certain threshold, with a sliding scale reduction in expected contributions for families earning above the elimination threshold. While the majority of these reforms occurred between 2005 and 2008, [[Princeton]] actually pioneered the elimination of student loans in [[2001]].
+Between the [[w:Dot-com bust|Dot-com bust]] and the [[w:Great Recession|Great Recession]], the largest and wealthiest universities experienced eye-wateringly rapid endowment growth. The return on endowment investments became so conspicuous as to result in calls from Congress to universities to start spending the money or face a tax. In response, between 2005 and 2008, universities took turns one-upping each other in an arms race of financial aid reforms targeted at alleviating the financial burden of attendance on low-to-middle income families. These reforms typically came in three forms, first, replacing student loans with grant money in financial aid awards, second, eliminating the expected family contribution for households with incomes below a certain threshold, with a sliding scale reduction in expected contributions for families earning above the elimination threshold, and third, revising the formulas used to calculate the ability of families to pay. While the majority of these reforms occurred between 2005 and 2008, [[Princeton]] actually pioneered the elimination of student loans in [[2001]].
 *January 2001: [[Princeton]] announces that beginning in the next fall, no undergraduate student would be required to take out a loan as part of their financial aid package, and that the loans would be replaced with grants.<ref>[http://www.princeton.edu/pr/news/01/q1/0127-aid.htm Grants to replace loans for all students on financial aid], Princeton University News, 21 January 2001</ref>

← Older revision	Revision as of 09:28, 4 May 2013
(No difference)

← Older revision		Revision as of 04:36, 1 May 2013
Line 1:		Line 1:
−	'''Financial Aid Reform''' is a recurring feature of life at Columbia. This article attempts to chronicle the evolution of Columbia's undergraduate financial aid ~~policy~~.	+	'''Financial Aid Reform''' is a recurring feature of life at Columbia. This article attempts to chronicle the evolution of Columbia's undergraduate financial aid policies.

	== Establishment and Struggle to Maintain Need-blind Admissions ==		== Establishment and Struggle to Maintain Need-blind Admissions ==